Hayes Bets Big on Ethereum, Sees Room for $5,000 Target

Arthur Hayes, former CEO of BitMEX and a well-known figure in the crypto space, shared his thoughts on Bitcoin (BTC) and Ethereum (ETH) as they continue to surge. BTC has risen above $79,000, while ETH surpassed $2,400.

Hayes revealed that outside of Bitcoin, his largest portfolio position is in Ethereum, citing its lower risk of falling to zero compared to other cryptocurrencies.

He noted that despite not yet surpassing its 2021 peak, Ethereum's weak performance in the recent bull cycle has left significant room for recovery. If ETH can reach $3,000, Hayes believes it could quickly climb above $5,000.

In terms of investing in Bitcoin through exchanges, Hayes recommends buying spot ETFs instead of Strategy shares, arguing that their importance diminished as liquidity expanded and the economic environment eased.